A Look at Bitcoin, Ethereum, and Dogecoin Heading into the Weekend: Did Crypto Predict the Stock Market Rebound on Friday? – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
bitcoin Bitcoin / US Dollar And the Ethereum ETH/USD Trading has been flat during the 24-hour trading session on Friday, within tight ranges.
Unlike the S&P 500, which suffered a decline when it was The Labor Department released new, higher-than-expected labor market numbers, and Bitcoin and Ethereum did not react. This could be an early indication that the stock market’s negative reaction is not going to gain traction, and by Friday afternoon, the S&P 500 was rising to trade within Thursday’s range.
Although Dogecoin has slipped about 3%, the decline is unlikely to be related to the general markets. Dogecoin has been trading in an uptrend since November 21 and has not made a higher low since November 25, which indicates a possible rebound.
With the S&P 500 trading near the 200-day simple moving average and up about 15% from its lows, traders and investors are watching carefully to see if the index will signal that the bear market is over. Over the weekend, traders will be watching Bitcoin and Ethereum, in particular, for clues as to how the S&P 500 will behave next week.
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bitcoin chart: Bitcoin reversed to an uptrend pattern on November 22 after printing a double bottom near the $15,500 mark. The latest higher high for the cryptocurrency was formed on Thursday at $17,317 and the latest confirmed lower low was printed at $15,992 on November 28.
On Friday, Bitcoin was printing a doji candle, which could indicate the next higher low in and that the cryptocurrency will trade higher during the Saturday session. If that happens, bulls will want to see Bitcoin emerge above $17,320 to confirm that the upside is intact.
There is also a possibility that Bitcoin has created a small bullish flag pattern on the daily chart. If the pattern is recognized and Bitcoin breaks out of the flag, the measured move is around 7%, which indicates that the cryptocurrency could rally above $18,000 over the next few days.
Bitcoin has resistance above at $17,580 and $19,915 and support below at $16,000 and $15,000.
Ethereum chart: Ethereum is trading alongside Bitcoin, in an uptrend and within a possible mini bull flag pattern. The latest higher high for Ethereum was formed on Wednesday at $1311 and the last confirmed higher low was created at $1150 on November 28.
The measured move of the bull flag pattern on Ethereum is around 13%, which indicates that the cryptocurrency could rally towards $1,430. If Ethereum falls below the 8-day exponential moving average (EMA), the bull flag will be invalidated.
Ethereum has higher resistance at $1,412 and $1,717 and support below $1,245 and $1,081.
Dogecoin scheme: Dogecoin reversed its recent bullish trend on November 22, posting a higher low of 8 cents and Wednesday’s high of 11 cents. During the trading session on Friday, the cryptocurrency retraced to the eight-day exponential moving average and bounced off the level.
If Dogecoin trades higher over the weekend, Friday’s low will act as the next higher low to the upside. The lower wick that Dogecoin has been developing on the chart during the session supports the theory that the next bottom may have occurred.
Dogecoin has resistance above at 12 cents at $0.135 and support below at $0.083 and $0.075. There is also support and resistance at 10 cents, which Dogecoin is struggling to recover.
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